10 things you need to know in markets today

People gather to march in the annual parade down MLK Boulevard to honor Martin Luther King, in Chattanooga, Tennessee, U.S., January 16, 2017.REUTERS/Billy WeeksGood morning! Here's what you need to know in markets on Tuesday.

The pound has steadied but is still weak ahead of May's speech. After diving against the dollar and euro on Monday, the currency is making up some ground in early trade on Tuesday. Sterling is up 0.55% against the dollar to $1.2115 at 6.25 a.m. GMT (1.25 a.m. ET) and up 0.05% against the euro to €1.1371.

Asian markets are mixed. Japan's Nikkei closed down 1.48% and China's benchmark Shanghai Composite is down 0.02% at the time of writing (6.40 a.m. GMT/1.40 a.m. ET), but the Hong Kong Hang Seng is up 0.47%.

Precious metal prices are rallying. Gold is up 1.19% to $1,210.45 at 6.30 a.m. GMT (1.30 a.m. ET) and silver is 1.12% higher at $16.95. CMC Markets chief market analyst Michael Hewson says in an email on Monday: "The cautious buying of gold that has been taking place over the last three weeks has continued today as uncertainty over US foreign policy towards China, and other political risk has seen the yellow metal hit its highest levels since November last year."

Inflation data is coming. The latest stats on price changes in the UK are due at 9.30 a.m. GMT (4.30 a.m. ET). The Consumer Price Index is expected to rise by 0.3% on the prior month in December and 1.4% on an annual basis.